Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - In Q1 2024, the company reported revenue of 26.85 billion (yoy +7.2%, qoq -1.1%), with a decline attributed to reduced income from Youdao, while year-on-year growth was driven by increased mobile game net revenue [1] - The gross margin for Q1 was 63.4% (yoy +3.9pp, qoq +1.4pp), primarily boosted by growth in cloud music [1] - Non-GAAP net profit attributable to the parent company was 8.51 billion (yoy +12.5%, qoq +15.3%), while GAAP net profit was 7.63 billion (yoy +13%, qoq +16%) [1] - The total revenue from games and related value-added services was 21.46 billion (yoy +6.9%, qoq +2.6%), with growth driven by new game releases and continuous content innovation [1] - The company has a rich product pipeline, with several new games expected to launch in 2024, which are anticipated to drive revenue growth [2] Financial Summary - The company forecasts net profit attributable to the parent company for 2024-2026 to be 33.6 billion, 38.5 billion, and 41.7 billion respectively [2] - The target price is set at 164.63 HKD / 148.82 CNY, based on a sum-of-the-parts (SOTP) valuation [2] - The company’s revenue is projected to grow from 117.6 billion in 2024 to 146.6 billion in 2026, with a compound annual growth rate (CAGR) of 7.63% [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights that the mobile game "Naraka: Bladepoint" is expected to drive future growth for the company [2] - In Q1 2024, the company's revenue was 26.852 billion yuan, a year-on-year increase of 7.2%, which was in line with market expectations [2][6] - The net profit (Non-GAAP) for Q1 2024 was 8.511 billion yuan, representing a year-on-year growth of 12.5%, exceeding market expectations [2][6] - The company has a strong pipeline of games, including "Naraka: Bladepoint" mobile version and "Yanyun Sixteen Sounds," which are anticipated to contribute to future revenue [3][4] Financial Performance Summary - For the fiscal year 2023, the company reported total revenue of 103.468 billion yuan, with a year-on-year growth of 7.2% [4] - The projected revenues for 2024, 2025, and 2026 are 116.792 billion yuan, 144.093 billion yuan, and 162.964 billion yuan, respectively, indicating a growth trajectory [4][7] - The company's net profit (Non-GAAP) for 2024 is projected to be 38.032 billion yuan, with a year-on-year growth of 16.6% [4][7] - The report indicates a consistent increase in gross profit, with a projected gross profit of 73.594 billion yuan for 2024, reflecting a year-on-year growth of 16.7% [4][7] Game and Service Revenue - Revenue from games and related value-added services for Q1 2024 was 21.460 billion yuan, a year-on-year increase of 7.0% [2][6] - The company continues to see strong performance from existing titles such as "Identity V" and "Onmyoji," which maintain a loyal user base [2][3] - The report notes that the company is expanding its game offerings in more regions, enhancing its market presence [2][3] Future Outlook - The company is expected to launch several highly anticipated games in the coming quarters, which are likely to boost revenue [2][3] - The report maintains a positive outlook on the company's long-term commercialization capabilities, driven by its strong game portfolio and user engagement [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for Q1 2024 was 26,852 million yuan, representing a year-on-year growth of 7.2%, which is in line with market expectations [4][7] - Non-GAAP net profit reached 8,511 million yuan, up 12.5% year-on-year, exceeding market expectations [4][7] - The gaming and related value-added services revenue was 21,460 million yuan, growing 7.0% year-on-year [4] - The company has a strong pipeline of products expected to drive future growth, including new game releases and updates to existing titles [4] Financial Performance Summary - Revenue for 2024E is projected at 103,468 million yuan, with a year-on-year growth of 12.9% [5] - Non-GAAP net profit for 2024E is estimated at 32,608 million yuan, reflecting a 16.6% increase year-on-year [5] - The company maintains a healthy ROE of 24% for 2024E [5] - The P/E ratio is projected to decrease from 16.1 in 2023 to 10.9 in 2024E, indicating potential undervaluation [5] Game and Service Performance - The company continues to see strong performance from existing games such as "Identity V" and "Onmyoji," which have maintained popularity among players [4] - New game releases, including "World Beyond," have quickly gained traction, reaching the top of the iOS download charts in China [4] - The company is expanding its gaming portfolio with anticipated releases like "Yanyun Sixteen Sounds" and updates to "Nirvana in Fire" mobile game [4] Future Outlook - The company expects to achieve Non-GAAP net profits of 38,032 million yuan in 2025E and 44,192 million yuan in 2026E, indicating a positive growth trajectory [4][5] - The gaming sector remains a key growth driver, supported by a loyal user base and continuous content updates [4]

传媒/游戏Ⅱ 公 司 研 网易-S（09999.HK） 爆款游戏接二连三，盈利能力持续提升 究 2024年05月24日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/5/23 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 141.50  公司业绩稳步增长，盈利能力持续提升，维持“买入”评级 股 一年最高最低(港元) 185.70/116.10 2024Q1，公司实现营业收入269亿元（同比+7.2%，环比-1.1%），实现归母净利 公 司 总市值(亿港元) 4,711.33 润 76 亿元（同比+13.0%，环比+16.0%）。其中游戏及相关增值服务收入 215 亿 信 流通市值(亿港元) 4,559.79 元（同比+7.0%）；有道收入14亿元（同比+19.7%）；云音乐收入20亿元（同比 息 总股本(亿股) 33.30 +3.6%）；创新及其他业务收入20亿元（同比+6.1%）。公司毛利率为63.37%（同 更 ...

Financial Performance - NetEase reported Q1 2024 net revenue of RMB 26.9 billion (USD 3.7 billion), a year-over-year increase of 7.2%[3] - Gross profit for Q1 2024 was RMB 17.0 billion (USD 2.4 billion), representing a 14.2% year-over-year increase[3] - Operating expenses totaled RMB 9.4 billion (USD 1.3 billion), an increase of 22.4% year-over-year[3] - Net profit attributable to shareholders was RMB 7.6 billion (USD 1.1 billion), with a non-GAAP net profit of RMB 8.5 billion (USD 1.2 billion)[4] - Basic earnings per share were USD 0.33, with a non-GAAP basic earnings per share of USD 0.37[4] - The company reported a net profit attributable to shareholders of RMB 7.6 billion ($1.1 billion) in Q1 2024, compared to RMB 6.6 billion in the previous quarter and RMB 6.8 billion year-over-year[12] - The net income for the three months ended March 31, 2024, was RMB 6,582,263 thousand, compared to RMB 6,754,634 thousand for the three months ended December 31, 2023, indicating a slight decrease of about 2.55%[23] - The company reported a net cash inflow from financing activities of RMB 5,139,264 for the three months ended March 31, 2024, compared to a net cash inflow of RMB 572,429 for the same period in 2023, showing a substantial increase[24] Revenue Breakdown - Revenue from games and related value-added services reached RMB 21.5 billion (USD 3.0 billion), up 7.0% year-over-year, with online games contributing approximately 95.2% of this segment's revenue[7] - Youdao's net revenue was RMB 1.4 billion (USD 192.8 million), reflecting a 19.7% year-over-year increase[3] - Cloud Music generated net revenue of RMB 2.0 billion (USD 281.1 million), a 3.6% increase year-over-year[3] - In Q1 2024, net revenue from innovation and other businesses was RMB 2 billion ($272.8 million), down from RMB 2.8 billion in the previous quarter and up from RMB 1.9 billion year-over-year[8] - Total net revenue from online games and related value-added services was RMB 20,921,355 for the three months ended March 31, 2024, compared to RMB 20,065,597 for the same period in 2023, representing an increase of 4.3%[25] - The total revenue from Youdao was RMB 1,480,521 for the three months ended March 31, 2024, compared to RMB 1,163,270 for the same period in 2023, marking an increase of 27.3%[25] - The total revenue from Cloud Music was RMB 1,985,548 for the three months ended March 31, 2024, compared to RMB 1,959,841 for the same period in 2023, reflecting a slight increase of 1.3%[25] Expenses and Costs - Operating expenses totaled RMB 9.4 billion ($1.3 billion) in Q1 2024, down from RMB 10 billion in the previous quarter and up from RMB 7.7 billion year-over-year[9] - Research and development expenses for the three months ended March 31, 2024, were RMB 4,479,219 thousand, compared to RMB 3,749,732 thousand for the three months ended December 31, 2023, marking an increase of about 19.5%[23] - The company's general and administrative expenses for the quarter ending March 31, 2024, were RMB 40,114 thousand, a decrease from RMB 289,636 thousand in the previous quarter[27] - The company’s sales and marketing expenses for the quarter ending March 31, 2024, were RMB 2,475 thousand, reflecting a decrease from RMB 17,869 thousand in the previous quarter[27] Cash and Assets - As of March 31, 2024, the company's net cash balance was RMB 113.4 billion ($15.7 billion), up from RMB 110.9 billion at the end of 2023[14] - The company's cash and cash equivalents decreased to RMB 21,428,902 thousand as of March 31, 2024, down from RMB 43,026,904 thousand as of December 31, 2023, reflecting a decline of approximately 50.19%[22] - Cash and cash equivalents at the end of March 31, 2024, were RMB 24,206,658, up from RMB 18,158,066 at the beginning of the period, indicating a net increase of RMB 6,048,592[24] - The total assets of the company amounted to RMB 195,064,872 thousand, an increase from RMB 185,924,978 thousand as of December 31, 2023, representing a growth of approximately 6.15%[22] Strategic Initiatives - The company plans to release several anticipated new games, including "Yanyun Shiliu Sheng" and "Marvel: Contest of Champions," in the upcoming quarters[5] - NetEase has updated its distribution agreement with Blizzard Entertainment to reintroduce popular games to the Chinese market and is expanding collaboration with Microsoft Gaming[5] - NetEase's self-developed R&D team focuses on mobile, PC, and console game development, positioning itself among the industry's leaders[19] - The company integrates cultural and educational elements into games, enhancing user engagement and community value[19] - NetEase's strategic focus includes developing innovative online services and expanding its global operations[20] Non-GAAP Metrics - Non-GAAP financial metrics are used to assess operational performance, excluding stock-based compensation expenses from net profit attributable to shareholders[21] - The non-GAAP net profit attributable to shareholders is defined as net profit excluding stock-based compensation, providing a clearer view of operational performance[21] - The company emphasizes that non-GAAP metrics should not be viewed in isolation and have limitations compared to GAAP metrics[21] - The net profit attributable to shareholders under non-GAAP for the quarter ending March 31, 2024, was RMB 876,898 thousand, up from RMB 797,194 thousand for the previous quarter, reflecting a growth of approximately 10%[29] - Basic non-GAAP earnings per share for the quarter ending March 31, 2024, was RMB 2.65, compared to RMB 2.35 for the same quarter in 2023, marking an increase of about 12.8%[29] - The diluted non-GAAP earnings per American Depositary Share (ADS) for the quarter ending March 31, 2024, was $1.84, compared to $1.81 for the previous quarter, showing a slight increase of approximately 1.7%[29] Risks and Challenges - Forward-looking statements indicate potential risks, including the online gaming market's growth sustainability and NetEase's ability to maintain its market position[20] - Risks related to government regulation changes and cybersecurity threats may adversely affect NetEase's operations and financial performance[20] - The company encourages a comprehensive review of its financial information rather than relying on any single financial metric[21] Upcoming Events - The company will hold a conference call on May 23, 2024, to discuss quarterly performance and answer questions[17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company is expected to accelerate growth with the launch of multiple new games, with over 10 new titles announced, including "Firefly Assault" and "Yanyun Sixteen Sounds," which have already received approval for release [5] - The company maintains its profit forecasts for 2024-2026, projecting net profits of 33.9 billion, 37.3 billion, and 40.4 billion CNY respectively, with corresponding EPS of 10.5, 11.6, and 12.6 CNY [5] - The company has a diverse product matrix that continues to yield successful products, driving long-term growth [6] - The company is expanding its global product cycle, which may further open up growth opportunities in overseas markets [7] Financial Summary - The company's total revenue for 2022 was 96.5 billion CNY, with a projected increase to 118.1 billion CNY in 2024, reflecting a year-on-year growth of 14.2% [8] - The net profit for 2022 was 20.3 billion CNY, expected to rise to 33.9 billion CNY in 2024, indicating a year-on-year growth of 15.1% [8] - The gross margin is projected to improve from 54.7% in 2022 to 61.7% in 2024, while the net margin is expected to remain stable around 28% [8]

Financial Performance - Net revenue increased to RMB 103,468,159 thousand in 2023 from RMB 96,495,809 thousand in 2022, representing a growth of 7.2%[5] - Gross profit rose to RMB 63,063,394 thousand in 2023 from RMB 52,766,126 thousand in 2022, marking a 19.5% increase[5] - Net profit attributable to the company's shareholders grew to RMB 29,416,552 thousand in 2023 from RMB 20,337,600 thousand in 2022, a 44.6% increase[5] - Net revenue for 2023 reached RMB 103,468,159 thousand (USD 14,573,185 thousand), a 7.2% increase from 2022[22] - Gross profit for 2023 was RMB 63,063,394 thousand (USD 8,882,293 thousand), up 19.5% from 2022[22] - Operating profit for 2023 increased to RMB 27,709,144 thousand (USD 3,902,751 thousand), a 41.2% rise from 2022[22] - Net profit attributable to the company's shareholders for 2023 was RMB 29,416,552 thousand (USD 4,143,234 thousand), a 44.7% increase from 2022[22] - Net profit increased to RMB 29,357,223 thousand in 2023, up from RMB 19,843,290 thousand in 2022, representing a growth of 47.96%[23] - Total comprehensive income reached RMB 29,579,095 thousand in 2023, compared to RMB 21,284,704 thousand in 2022, a 38.97% increase[23] - Net profit increased from RMB 16,976,190 thousand in 2021 to RMB 29,357,223 thousand in 2023, representing a growth of 72.9%[25] - NetEase's total net revenue for 2023 reached RMB 90.789 billion, up from RMB 83.367 billion in 2022[33] - NetEase's net profit for 2023 was RMB 328.357 million, a significant improvement from a net loss of RMB 81.329 million in 2022[33] - Net profit attributable to the company's shareholders increased to RMB 29,077,216 in 2023, up from RMB 20,724,629 in 2022[172] Assets and Liabilities - Total assets increased to RMB 185,924,978 thousand in 2023 from RMB 172,760,985 thousand in 2022, a 7.6% rise[5] - Total liabilities decreased to RMB 57,840,897 thousand in 2023 from RMB 63,887,505 thousand in 2022, a 9.5% reduction[5] - Shareholders' equity increased to RMB 127,968,322 thousand in 2023 from RMB 108,737,040 thousand in 2022, a 17.7% growth[5] - Total assets as of December 31, 2023, were RMB 185,924,978 thousand (USD 26,186,985 thousand), up 7.6% from 2022[19] - Total liabilities as of December 31, 2023, were RMB 57,840,897 thousand (USD 8,146,720 thousand), a 9.5% decrease from 2022[20] - Total equity attributable to the company's shareholders as of December 31, 2023, was RMB 124,285,776 thousand (USD 17,505,285 thousand), up 18.7% from 2022[21] - Total assets grew to RMB 188,620,527 in 2023, compared to RMB 175,901,186 in 2022[173] - Total liabilities rose to RMB 57,908,744 in 2023, up from RMB 64,083,689 in 2022[173] - Total equity attributable to shareholders reached RMB 130,711,783 in 2023, up from RMB 111,817,497 in 2022[173] Investments - Equity method investments totaled RMB 6,109.2 million as of December 31, 2023[12] - Long-term equity investments without readily determinable fair values amounted to RMB 12,021.5 million as of December 31, 2023[12] - Management conducts regular impairment tests on equity method investments and long-term equity investments[12] - The company evaluates the fair value of long-term equity investments qualitatively to identify potential impairment indicators[12] - Long-term investments increased from RMB 18,544,358 thousand in 2022 to RMB 21,783,187 thousand in 2023, with significant growth in equity method investments and investments with readily determinable fair values[107] - Equity method investments generated profits of RMB 473.9 million in 2023, down from RMB 1.3 billion in 2022 and RMB 1.6 billion in 2021[108] - Investments with readily determinable fair values recorded a fair value gain of RMB 535.3 million in 2023, compared to a loss of RMB 3.4 billion in 2022 and a gain of RMB 91.1 million in 2021[109] - Impairment losses on investments without readily determinable fair values increased to RMB 274.2 million in 2023, up from RMB 85.2 million in 2022 and RMB 19.2 million in 2021[110] Revenue Streams - The company recognized RMB 81.6 billion in game and related value-added service revenue for the year ended December 31, 2023[11] - The company generates revenue through online gaming, tutoring services, smart hardware sales, online music, live streaming, advertising, e-commerce, and other paid value-added services[36] - The company's revenue is primarily derived from online game services, tutoring services, smart hardware sales, online music services, live streaming services, advertising services, e-commerce, and other paid value-added services[44] - Net revenue for games and related value-added services increased from RMB 67.8 billion in 2021 to RMB 81.6 billion in 2023, representing a growth of 20.3%[158] - Net revenue for Youdao decreased from RMB 5.4 billion in 2021 to RMB 5.0 billion in 2022 but rebounded to RMB 5.4 billion in 2023[158] - Net revenue for Cloud Music peaked at RMB 8.99 billion in 2022 but declined to RMB 7.87 billion in 2023[158] - Total net revenue grew from RMB 87.6 billion in 2021 to RMB 103.5 billion in 2023, an increase of 18.1%[158] - Gross profit for games and related value-added services rose from RMB 41.8 billion in 2021 to RMB 55.6 billion in 2023, a 33.1% increase[158] - Total gross profit increased from RMB 47.0 billion in 2021 to RMB 63.1 billion in 2023, up 34.3%[158] Audit and Financial Reporting - The company's financial statements were prepared in accordance with U.S. GAAP and were audited by PricewaterhouseCoopers[7] - The company’s directors are responsible for preparing the consolidated financial statements in accordance with US GAAP[15] - The audit committee oversees the company’s financial reporting process[15] - The auditor’s responsibility is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement[16] - The auditor evaluated the appropriateness of the accounting policies and the reasonableness of the accounting estimates made by the directors[17] - The audit partner for the independent auditor’s report is Tang Haobang[18] - The audit identified no material misstatements in the other information provided by the company[14] - The company's financial statements are prepared in accordance with U.S. GAAP, requiring management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, and expenses[43] - The company's revenue recognition involves judgments on the estimated lifespan of virtual items purchased by game players, unredeemed game points, and sales returns[44] VIE Structure and Risks - The company has contractual arrangements with VIE entities for additional financial support or guarantees if needed[35] - The company believes that its contractual arrangements with VIE entities comply with Chinese law and are legally enforceable, but uncertainties in the Chinese legal system may limit its ability to enforce these arrangements[40] - The company consolidates VIE entities if it has the power to significantly influence their activities and the obligation or right to bear or obtain significant losses or benefits from them[42] - The company faces risks related to VIE entity arrangements, including potential government actions that could revoke business licenses, restrict operations, or require restructuring[41] - The company's VIE entity arrangements include irrevocable voting rights and exclusive purchase options, which are critical to its financial performance and cash flows[39] - The company acknowledges that changes in Chinese laws or regulations could lead to significant disruptions in its business operations and financial reporting[40] - The company's management considers the likelihood of losses related to its VIE entity arrangements to be minimal[39] - The company's VIE entity arrangements are designed to ensure control over economic activities and benefits, but legal uncertainties could impact their enforceability[40] - VIE entities accounted for 85.9%, 86.4%, and 87.7% of the company's total net revenue in 2021, 2022, and 2023 respectively[188] - VIE entities' total assets (excluding receivables from other NetEase Group companies) represented 7.1% of the company's consolidated total assets as of December 31, 2022 and 2023[188] - The company's operations are primarily conducted through subsidiaries in mainland China and contractual arrangements with VIE entities[188] - The company's structure poses unique risks to investors due to its Cayman Islands holding company status and VIE arrangements[183] - VIE structure contracts may not be as effective as direct ownership and could incur significant costs to enforce[189] - Uncertainty exists regarding the interpretation and application of current and future Chinese laws, regulations, and rules related to VIE structures[189] - If VIE entities or nominal shareholders fail to fulfill obligations, the company's ability to enforce contracts and consolidate financials may be limited[189] - The Foreign Investment Law in China does not explicitly list contractual arrangements as a form of foreign investment, creating potential future risks[190] - A significant portion of the company's revenue is generated by VIE entities, which hold necessary licenses for operations in China[190] - Chinese government actions could impact the enforceability of VIE contracts, potentially affecting financial performance[190] - The Chinese government has significant power to influence the company's operations, foreign investment, and ability to list on U.S. exchanges[191] - Recent regulatory actions by the Chinese government, including those related to overseas securities issuance, could adversely affect the company[191] - The company faces risks related to antitrust investigations, cybersecurity, and data privacy compliance in China[191] Cash Flow and Financing - Operating cash flow rose from RMB 24,926,727 thousand in 2021 to RMB 35,331,275 thousand in 2023, an increase of 41.7%[25] - Investment cash outflow increased from RMB 7,078,294 thousand in 2021 to RMB 17,043,431 thousand in 2023, a significant rise of 140.8%[26] - Financing cash outflow grew from RMB 12,585,569 thousand in 2021 to RMB 21,467,054 thousand in 2023, up by 70.6%[26] - Cash and cash equivalents decreased by RMB 3,381,667 thousand in 2023, compared to an increase of RMB 10,212,210 thousand in 2022[27] - Net cash inflow from third-party transactions increased from RMB 61,272,031 in 2021 to RMB 72,325,460 in 2023[34] - Net cash outflow from technology consulting and services with group companies rose from RMB 59,439,552 in 2021 to RMB 73,298,667 in 2023[34] - Net cash outflow from investment activities increased from RMB 39,430 in 2021 to RMB 82,645 in 2023[34] - Net cash outflow from financing activities decreased from RMB 1,301,096 in 2021 to RMB 37,166 in 2023[34] - The company canceled a $500 million unsecured syndicated loan facility in early 2024[132] - The company declared cash dividends of RMB 6.3 billion and RMB 11.7 billion ($1.7 billion) for the fiscal years 2022 and 2023, respectively[153] - The company completed a $3 billion share repurchase plan, repurchasing approximately 33.6 million ADS by January 9, 2023[154] - A new share repurchase plan of up to $5 billion was approved, with 7.2 million ADS repurchased for approximately $644.1 million by December 31, 2023[154] - The company repurchased approximately 2.7 million ADS of Youdao for about $22.0 million under a separate repurchase plan by December 31, 2023[154] Taxation - Hong Kong subsidiaries are subject to a profits tax rate of 16.5%, with a reduced rate of 8.25% for the first HKD 2 million of profits starting from the 2021 tax year[114] - The company's subsidiaries, including Bo Guan and NetEase Hangzhou, qualified as high-tech enterprises and enjoyed a preferential tax rate of 15% for 2021, 2022, and 2023[115] - The total impact of corporate income tax exemptions and rate reductions was RMB 3,228,359 thousand in 2023, up from RMB 2,631,764 thousand in 2022 and RMB 2,238,907 thousand in 2021[117] - The company's actual effective tax rate decreased to 13.8% in 2023, down from 20.7% in 2022 and 19.6% in 2021, primarily due to the impact of lower tax rates for high-tech enterprises[120] - The company's deferred tax assets related to net operating tax losses amounted to RMB 3,424,344 thousand as of December 31, 2023, down from RMB 3,781,233 thousand in 2022[123] - The company's deferred tax liabilities for withholding tax increased to RMB 2,165,573 thousand in 2023, up from RMB 1,947,190 thousand in 2022[123] - The company's total income tax expense was RMB 4,699,704 thousand in 2023, down from RMB 5,031,838 thousand in 2022 and RMB 4,128,269 thousand in 2021[118] - The company's payable corporate income tax decreased to RMB 1,790,393 thousand in 2023, down from RMB 2,116,014 thousand in 2022[128] - The company's deferred tax asset impairment provision decreased to RMB 3,718,678 thousand in 2023, down from RMB 3,971,516 thousand in 2022[125] - The company's withholding tax liabilities were RMB 1.5 billion in 2023, down from RMB 2.1 billion in 2022 and RMB 1.1 billion in 2021[126] Operational Risks - The company faces risks related to the development and popularity of new online games and the enhancement of existing ones[195] - Risks associated with the Chinese government implementing more restrictions on online gaming[196] - Risks related to the internationalization of the company's online gaming operations[196] - Risks concerning the maintenance of existing game copyrights or intellectual property[196] - Risks related to the company's overall operational expansion and internationalization[197] - Risk of delisting from NASDAQ if PCAOB fails to inspect the company's independent registered public accounting firm for two consecutive years under the Holding Foreign Companies Accountable Act[200] - Risk of volatility in the trading price of the company's American Depositary Shares (ADS) and shares[200] - Risk associated with different listing rules and regulations applicable to the company[200] - Risk related to the voting, inspection, and other rights of ADS holders[200]

2024年4月11日 公司研究 暴雪国服回归，展望 IP、出海合作深化 ——网易-S（9999.HK）重启暴雪国服合作点评 要点 买入（维持） 事件：4月10日网易官宣：与微软、暴雪娱乐达成新的游戏发行协议，《魔 当前价/目标价：158.8/ 205.4港元 兽世界》、《炉石传说》等暴雪旗下游戏将于 2024 年夏季开始陆续重返中 国大陆市场，且各国服玩家的账号数据将被完整保留；网易将与微软展开更 作者 广泛合作，未来将尝试推广新的网易游戏至Xbox及其他平台。 分析师：付天姿 点评：《魔兽世界》等暴雪旗下游戏回归利好网易端游业绩，对公司整体增 执业证书编号：S0930517040002 速促进相对有限。观察到暴雪国服停服以来，部分玩家仍期待暴雪回归，此 021-52523692 futz@ebscn.com 次暴雪回归有望吸引暂时前往其他服务器、等待国服的老玩家重返国服。部 分受暴雪国服停服的影响，23 年网易端游收入总计下滑 40.1 亿（为网易 23 分析师：赵越 年总收入的 3.9%），23Q1 至 Q4 端游收入同比分别下降 10%、20%、 执业证书编号：S0930524020001 17%、23 ...

传媒/游戏Ⅱ 公 司 研 网易-S（09999.HK） 与暴雪合作重启，自研、代理、出海齐发力 究 2024年04月10日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/4/10 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 158.80  暴雪与网易达成合作，暴雪旗下游戏2024年夏季回归，维持“买入”评级 股 一年最高最低(港元) 185.70/116.10 4 月 10 日，暴雪与网易重新达成合作，暴雪旗下游戏将根据更新后的游戏发行 公 司 总市值(亿港元) 5,274.19 协议于 2024 年夏季开始陆续重返中国大陆市场。此外，微软游戏和网易还达成 信 流通市值(亿港元) 5,119.11 了一项协议，尝试将新的网易游戏带到Xbox及其他平台。我们认为，暴雪与网 息 总股本(亿股) 33.21 易重新达成合作，一方面随游戏上线有望为公司带来流水和业绩增量，另一方面 更 新 流通港股(亿股) 32.24 公司 ...

公司研究 证券研究报告 传媒 2024年04月07日 网易-S（09999.HK）2023业绩点评 推 荐 （维持） Q4 同比大幅增长，预计 2024H1 将延续；后续建 目标价：211港元 议关注《永劫无间手游》&《燕云十六声》 当 前价：149.80港元 事项： 华创证券研究所  网易 23Q4 实现营收 271.40 亿元(yoy+7.04%，qoq-0.48%)，其中游戏及相关增 证券分析师：刘欣 值服务营收为 209.21 亿元(yoy+9.62%)；有道业务收入为 14.81 亿元 (yoy+1.8%)；创新及其他业务营收 27.527 亿元(yoy+12.90%)；云音乐业务营收 电话：010-63214660 19.86 亿元(yoy-16.44%)。公司实现归母净利润为 65.82 亿元(yoy+66.52%)。 邮箱：liuxin3@hcyjs.com Non-Ifrs 归母净利润为 73.79 亿元(yoy+53.38%)。Q4 利润端同比有较大提升， 执业编号：S0360521010001 我们认为增长主要源自《逆水寒手游》2023年 6月上线以来的优异表现、次新 证券分析师：廖志 ...